TIDMAVCT
RNS Number : 1861C
Avacta Group PLC
18 January 2018
18 January 2018
Avacta Group plc
("Avacta" or "the Group" or "the Company")
AGM Business Update and Notice of Results
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and reagents, is today holding its Annual General
Meeting at 10.00 am GMT. In conjunction with this meeting the
Company is pleased to provide a business update ahead of its
results for the six months ending 31 January 2018, which the
Company expects to announce on Monday, 16 April 2017.
Highlights
Affimer Therapeutics
-- Strong progress with in-house programmes:
-- Lead PD-L1 programme: on-track to deliver several key pre-clinical milestones in 2018.
-- Discovery programme is delivering a pipeline of Affimer
molecules for potential immuno-oncology combinations with PD-L1 and
for other oncology applications.
-- Excellent pharmacokinetic data obtained in mouse for Affimer
XT(TM) half-life extension platform.
-- Continued platform validation and de-risking through
completion of a number of in-vitro data packages.
-- Solid progress with partners:
-- Positive outcome of initial trial with Glythera Ltd. leading
to a new drug development partnership for Affimer drug
conjugates.
-- Research collaboration with FIT Biotech Oy established to
demonstrate effectiveness of the combined technologies for gene
delivered Affimer therapeutics: data expected in Q2.
-- Characterising multiple lead molecules in research
partnership with Moderna addressing several drug targets.
-- Continuing collaboration with Memorial Sloan Kettering Cancer
Center CAR-T on proof-of-concept study.
-- Experienced, Boston based Vice President Therapeutics Business Development appointed.
Affimer Research and Diagnostics Reagents
-- Focus on licensing opportunities in pharma, biotech,
diagnostic and research markets: progress with multiple third party
technology evaluations in each of these markets that should lead to
further licensing deals in 2018.
-- Reagents business development team established in US with
personnel on both the east (Philadelphia) and west coasts (San
Diego).
-- Very strong growth in public validations of Affimer technology by third parties:
-- Record period for publication of third party peer reviewed
scientific papers using Affimers including articles in very high
quality journals such as Nature, Molecular Cell and the Proceedings
of the National Academy of Sciences of the USA.
-- Covance presents Affimer data at international conference
concerning Affimers that recognize certain antibody idiotypes
helping to generate a number of custom Affimer reagent projects
with large pharma in this application.
-- Heptares provided a testimonial for use in business
development meetings regarding their experience of using Affimers
with GPCR, an important class of drug target.
-- Substantial progress in generating applications data packs
(affinity separation, immunoassays) and in developing new
applications, such as immunohistochemistry, to support marketing
efforts.
Financial Update
-- Half year revenue, operating losses and cash balances in line with market forecasts.
The presentation to shareholders at today's AGM will be
available on the Company's website (www.avacta.com)
Dr Alastair Smith, Avacta Group Chief Executive Officer,
commented:
"I am very pleased with the continued strong technical and
commercial progress across the business. We have continued to grow
the number and extent of the data packages demonstrating the power
of the Affimer technology in therapeutic and non-therapeutic
applications which build the commercial case and de-risk the
technology for third parties.
It is particularly important to see that the rate of Affimer
end-user publications is growing and commercial partners, such as
Covance, are speaking publicly about their successful Affimer
projects. These are powerful marketing tools as we build awareness
of the Affimer platform.
I presented the Affimer technology and our recent progress at
the JP Morgan conference in San Francisco last week. We met with
over twenty five biotech and pharmaceutical companies to discuss
the benefits of the Affimer technology and potential partnerships.
Some of these have already followed up indicating their interest in
further discussions.
I look forward to keeping the market updated on the fruits of
these discussions during 2018 and to updating the market in detail
at the time of the interim results statement in mid-April."
- Ends -
For further information from Avacta Group plc, please
contact:
Avacta Group plc Tel: +44 (0)
Alastair Smith, Chief Executive 844 414 0452
Officer www.avacta.com
Tony Gardiner, Chief Financial
Officer
finnCap Ltd Tel: +44 (0)
Geoff Nash / Giles Rolls - Nominated 207 220 0500
Adviser www.finncap.com
Tim Redfern / Alice Lane / Nikita
Jain -
Corporate Broking
Tel: +44 (0)
WG Partners 203 705 9318
Nigel Birks / Nigel Barnes Tel: +44 (0)
David Wilson / Claes Spang 203 705 9217
www.wgpartners.co.uk
Zyme Communications (Trade and Tel: +44 (0)7787
Regional Media) 502 947
Katie Odgaard katie.odgaard@zymecommunications.com
Yellow Jersey PR (Financial Media Tel: +44 (0)7764
and IR) 947137
Sarah Hollins avacta@yellowjerseypr.com
About Avacta Group plc (www.avacta.com)
Avacta's principal focus is on its proprietary Affimer(R)
technology which is a novel engineered alternative to antibodies
that has wide application in Life Sciences for diagnostics,
therapeutics and general research and development.
Antibodies dominate markets worth in excess of $100bn despite
their shortcomings. Affimer technology has been designed to address
many of these negative performance issues, principally; the time
taken to generate new antibodies, the reliance on an animal's
immune response, poor specificity in many cases, and batch to batch
variability. Affimer technology is based on a small protein that
can be quickly generated to bind with high specificity and affinity
to a wide range of protein targets.
Avacta has a pre-clinical biotech development programme with an
in-house focus on immuno-oncology and bleeding disorders as well as
partnered development programmes. Avacta is commercialising
non-therapeutic Affimer reagents through licensing to developers of
life sciences research tools and diagnostics.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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